Islamic
Finance
Lawyer in
Bangladesh.
Bangladesh's Leading Islamic Finance Lawyer.
Bangladesh is home to one of the world's most dynamic Islamic banking sectors, with over 10 full-fledged Islamic banks, 9 Islamic banking windows of conventional banks, and a rapidly growing sukuk market. As an Islamic finance lawyer in Bangladesh, Barrister Meheruba Mahbub provides expert Shariah-compliant legal advisory to banks, corporates, and international investors.
Holding the rare distinction of being a Barrister at Law from Lincoln's Inn, a Solicitor of England and Wales (SRA No. 7266913), and an Advocate of the Supreme Court of Bangladesh (Dhaka Bar No. 29524), she bridges the gap between international Islamic finance standards — including AAOIFI — and Bangladesh's domestic regulatory framework under Bangladesh Bank's Islamic Banking Guidelines 2009.
Book a ConsultationShariah Structuring
Full Shariah-compliant transaction structuring — murabaha, ijarah, musharakah, mudarabah, and istisna.
Sukuk Advisory
Sovereign and corporate sukuk structuring under BSEC Sukuk Rules 2021, including ijarah and musharakah sukuk.
Regulatory Compliance
Bangladesh Bank Islamic Banking Guidelines 2009, BSEC regulations, and AAOIFI standards compliance advisory.
Legal 500 Ranked
Ranked in Legal 500 Bangladesh — the only international legal directory to rank Bangladeshi firms.
Islamic Finance Legal Services.
Comprehensive Shariah-compliant legal advisory for banks, corporates, and international investors operating in Bangladesh and across the GCC, Southeast Asia, and beyond.
Shariah-Compliant Structuring
End-to-end structuring of Islamic finance transactions including murabaha, ijarah, musharakah, mudarabah, istisna, and salam. Full documentation from term sheet to execution.
Sukuk Issuance & Advisory
Corporate and sovereign sukuk structuring under BSEC Sukuk Rules 2021. Ijarah sukuk, musharakah sukuk, and hybrid structures. Cross-border sukuk listed on international exchanges.
Islamic Banking Regulatory Advisory
Compliance with Bangladesh Bank's Islamic Banking Guidelines 2009, Shariah Supervisory Board governance, fatwa documentation, and Bangladesh Bank inspection preparation.
Islamic Project Finance
Shariah-compliant project finance for infrastructure, energy, and real estate. Istisna construction financing, ijarah lease-back structures, and diminishing musharakah.
Islamic Trade Finance
Murabaha letters of credit, wakalah arrangements, and takaful advisory for import/export transactions. FERA 1947 and Bangladesh Bank foreign exchange compliance.
Takaful & Islamic Insurance
Takaful product structuring, regulatory licensing, and dispute resolution. Advisory on the Insurance Development and Regulatory Authority (IDRA) framework for Islamic insurance operators.
The Instruments We Work With.
Every Islamic finance transaction is built on one or more of these core Shariah-compliant instruments. Barrister Meheruba Mahbub advises on the full spectrum.
Cost-Plus Sale
Trade Finance / Asset PurchaseThe most widely used Islamic finance instrument in Bangladesh. The bank purchases an asset and sells it to the client at a disclosed mark-up. Used for trade finance, working capital, and asset acquisition. Compliant with Bangladesh Bank's murabaha guidelines.
Lease Financing
Asset Finance / Project FinanceIslamic lease financing where the bank retains ownership and leases the asset to the client. Used for equipment, real estate, and infrastructure financing. The basis for Bangladesh's sovereign sukuk issuances and ijarah-based home finance products.
Partnership / Joint Venture
Equity / Project FinanceA profit-and-loss sharing partnership where all partners contribute capital and share profits and losses proportionally. Diminishing musharakah is widely used for home finance. Musharakah sukuk are the most Shariah-authentic sukuk structure.
Profit-Sharing Investment
Investment / Deposit ProductsA trust-based investment arrangement where one party provides capital (rab al-mal) and the other provides expertise and management (mudarib). Profits are shared at a pre-agreed ratio; losses borne by the capital provider. The basis for Islamic savings and investment deposits.
Manufacturing / Construction Finance
Project Finance / EPCA contract for the manufacture or construction of an asset, where payment can be made in instalments. Widely used for construction project financing, shipbuilding, and infrastructure development. Often combined with ijarah for post-completion lease-back structures.
Agency Arrangement
Trade Finance / InvestmentAn agency contract where one party appoints another as agent to carry out a specific task for a fee. Widely used in Islamic trade finance (wakalah letters of credit), investment management, and takaful operations. A key structure for cross-border Islamic finance transactions.
The Regulatory Framework.
Islamic finance in Bangladesh is governed by a combination of Bangladesh Bank guidelines, BSEC regulations, and international AAOIFI standards. Barrister Meheruba Mahbub navigates this framework with precision.
Bangladesh Bank Islamic Banking Guidelines
The primary regulatory framework for Islamic banking in Bangladesh. Mandates Shariah Supervisory Boards, defines permissible products, and governs Islamic banking windows of conventional banks.
BSEC Sukuk Rules 2021
Bangladesh Securities and Exchange Commission rules governing the issuance, listing, and trading of sukuk in Bangladesh. Enables corporate sukuk issuance on DSE and CSE.
AAOIFI Standards
Accounting and Auditing Organization for Islamic Financial Institutions standards. Bangladesh Bank references AAOIFI standards for product structuring and Shariah audit requirements.
BSEC Act 1993
Governs all securities market activities in Bangladesh including Islamic capital market products. BSEC approval required for sukuk issuance, Islamic mutual funds, and Islamic REIT structures.
Microcredit Regulatory Authority Act
Governs Islamic microfinance products offered by NGOs and MFIs in Bangladesh. Shariah-compliant microfinance is a growing sector with significant development finance implications.
FERA 1947 & Income Tax Act 2023
Foreign exchange regulations and tax treatment of Islamic finance transactions. Profit-sharing returns, sukuk income, and ijarah rentals have specific tax and FERA compliance requirements.
10 Full-Fledged Islamic Banks in Bangladesh.
Bangladesh has one of the most developed Islamic banking sectors in South Asia. With over 10 full-fledged Islamic banks and 9 conventional banks operating Islamic banking windows, the sector manages assets exceeding BDT 4 trillion. Barrister Meheruba Mahbub advises clients engaging with all major Islamic financial institutions in Bangladesh.
The sector is regulated by Bangladesh Bank under the Islamic Banking Guidelines 2009, with each bank required to maintain a Shariah Supervisory Board comprising qualified Islamic scholars.
Get Islamic Finance AdviceBangladesh's Sukuk Market.
Bangladesh issued its first sovereign sukuk in 2020. The BSEC Sukuk Rules 2021 now enable corporate sukuk issuance. Barrister Meheruba Mahbub advises on the full sukuk issuance process.
Ijarah Sukuk
Asset-backed sukuk based on a lease arrangement. Bangladesh's first sovereign sukuk (BDT 8,000 crore, 2020) used an ijarah structure. The most common sukuk structure in Bangladesh due to its simplicity and regulatory clarity.
Musharakah Sukuk
Equity-based sukuk representing ownership in a joint venture or partnership. Considered the most Shariah-authentic sukuk structure by AAOIFI. Suitable for project finance and infrastructure sukuk in Bangladesh.
Cross-Border Sukuk
International sukuk listed on exchanges in Malaysia, UAE, or UK. TRW has advised on cross-border Islamic finance transactions including UAE-structured deals. BSEC and Bangladesh Bank approval required for outbound sukuk.
How We Structure Islamic Finance Transactions.
Consultation & Needs Assessment
Understand the transaction, client objectives, and Shariah requirements.
Structure Selection
Select the appropriate Shariah instrument — murabaha, ijarah, musharakah, or hybrid.
Shariah Board Coordination
Coordinate with the Shariah Supervisory Board for product approval and fatwa issuance.
Documentation & Regulatory Filing
Draft all transaction documents and file with Bangladesh Bank / BSEC as required.
Execution & Ongoing Compliance
Execute the transaction and provide ongoing Shariah audit and compliance support.
Triple Qualified. Internationally Recognised.
Barrister Meheruba Mahbub is the only female lawyer in Bangladesh holding all three qualifications — Barrister at Law (Lincoln's Inn), Solicitor of England and Wales (SRA No. 7266913), and Advocate of the Supreme Court of Bangladesh (Dhaka Bar No. 29524). This triple qualification gives her unique authority to advise on Islamic finance transactions that span multiple jurisdictions, including Bangladesh, the UAE, the UK, and Southeast Asia.
As a Name Partner at TRW Law Firm — Bangladesh's largest international law firm with 220+ lawyers across 8 global offices — she leads a multidisciplinary team that has advised on Islamic finance transactions across 50+ countries, including cross-border sukuk, GCC real estate JVs, and Islamic project finance for infrastructure and energy projects.
Common Questions.
Everything you need to know about Islamic finance law in Bangladesh and how Barrister Meheruba Mahbub can assist.
Islamic finance operates under Shariah principles that prohibit riba (interest), gharar (excessive uncertainty), and maysir (speculation). In Bangladesh, Islamic banks offer profit-and-loss sharing products such as murabaha, ijarah, and musharakah instead of conventional interest-bearing loans. Bangladesh Bank's Islamic Banking Guidelines 2009 govern all Islamic banking operations in the country.
Bangladesh has 10 full-fledged Islamic banks including Islami Bank Bangladesh Limited, Al-Arafah Islami Bank, EXIM Bank, Shahjalal Islami Bank, First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, ICB Islamic Bank, and Standard Bank (Islamic). Additionally, many conventional banks operate dedicated Islamic banking windows regulated by Bangladesh Bank.
Yes. Foreign investors can use Shariah-compliant structures such as musharakah joint ventures, ijarah lease financing, and murabaha trade finance for investments in Bangladesh. These must comply with the Foreign Private Investment Act 1980, BIDA regulations, and Bangladesh Bank's Islamic Banking Guidelines. TRW advises on cross-border Islamic finance transactions regularly.
Yes. Bangladesh issued its first sovereign sukuk in 2020 — a BDT 8,000 crore Ijarah Sukuk — followed by subsequent issuances. BSEC has also issued the Bangladesh Securities and Exchange Commission (Sukuk) Rules 2021 to facilitate corporate sukuk issuance. TRW advises on sukuk structuring and BSEC compliance for both sovereign and corporate issuers.
Under Bangladesh Bank's Islamic Banking Guidelines 2009, every Islamic bank must establish a Shariah Supervisory Board (SSB) comprising qualified Islamic scholars. The SSB reviews and certifies that all products, contracts, and operations comply with Shariah principles. TRW advises on SSB governance, fatwa documentation, and Shariah audit frameworks for Islamic banks and financial institutions.
Need an Islamic Finance Lawyer in Bangladesh?
Book a consultation with Barrister Meheruba Mahbub — Bangladesh's leading Shariah-compliant finance lawyer — and get expert advice on your Islamic finance transaction today.